In the year 1965 a commercial bank was established in private sector at Dhaka. It was named as Eastern Banking Corporation. After liberation of the country in 1971 the bank was nationalized as Uttara Bank by the Government against order P.O. No. 26, 1972. Later on as the GOB relaxed its policy towards private sector, the bank was denationalized in early eighties. It had been functioning efficiently as one of the largest private commercial banks of the country since very inception.
General Banking Services
Uttara Bank Limited provides all general banking services to its customers through 211 fully computerized branches all over Bangladesh. It presents Savings account and Current account for deposit and withdrawal of money as and when required. In addition it provides other banking services of transfer of money through Pay order, Demand draft etc. As a result of adapting the modern technology it’s able to deliver quickest and most accurate services to the clients.
In addition to normal banking services Uttara Bank entertains special depositors with enhanced interest rates. Special deposit schemes available with UBL are Fixed Deposit Receipt account, Double Benefit Deposit scheme and Monthly Deposit scheme.
Any Bangladeshi staying at home or abroad may have a FDR account at Uttara Bank. The duration of a FDR may be 3, 6, 12, 24 and 36 months. Interest rate is quite attractive which varies with duration.
Double Benefit Deposit Scheme doubles your deposit just in 8.5 years. Minimum deposit required for the program is BDT 100,000.
Monthly Deposit Scheme is another unique opportunity for limited income people to save money for future. This scheme is of two options, 5 years and 10 years of duration. Another selection to be made is for monthly installment. You have 5 alternatives here, starting from BDT 500 through 10,000. Lucrative interest rate is offered here
These deposit schemes are targeted to definite groups of people and in the mean time all these schemes have successfully hit their targets. Every day new clients are getting in for a deposit scheme in Uttara Bank limited.
In addition to the above, Uttara Bank has introduced another deposit scheme, named Special Notice Deposit. Government, semi Government organizations and individuals are entitled to open this scheme in UBL. A 7 days’ notice is required to withdraw money from this account. This scheme offers a handsome interest as well.
Any individual, firm or organization earning foreign exchange may open a foreign currency account with Uttara Bank. Account holder is allowed to make payments abroad in foreign currency and local payment in BDT. Account is also entitled to get interest under some conditions.
Uttara Bank maintains its accounts with a good number of reputed banks in Europe, America, Australia and Far eastern countries. This is to settle any trading issue or help remittance payment for expatriate Bangladeshis.
Loan and Credit Schemes
Uttara Bank distributes loans in different schemes. It provides Consumer credits, Personal loans, Building repair loans and small business loans.
UBL started Uttaran Consumer Credit scheme in 1996. This scheme provides financial assistance to people for purchasing Motor Bike, Motor car, Refrigerator, Air cooler, Personal computer and many more consumer goods.
Personal loan is available for salaried officers to meet their emergency needs like marriage of self or dependent, medical expenses of self or dependent or educational expenses. This program doesn’t ask for a security even.
Building repair loan is sanctioned for those having buildings of their own. With reasonable interest rate UBL provides this loan to a deserving candidate.
People doing small businesses often suffer from inadequacy of fund. They have almost no source of finance. UBL comes forward with sufficient fund for them.
Other products and Services
This bank up date itself everyday with modern world and provides modern banking services like online banking, Automated teller machine and card to its clients. Uttara Bank offers locker service for its clients and all major branches are ready with lockers at reasonable charge.
Uttara Bank’s performance in recent time is very much encouraging. During first six months of the current fiscal year UBL earned a profit of BDT 1.71 billion against BDT 1.40 billion in corresponding periods of 2010.